· In Greece, the two largest parties did worse than expected. Both far left and far right parties have ~15% of the votes. If they are not able to form a coalition, new elections may be needed. Citi estimates the probability of a Greek exit above 50% over the next 12-18 months.
· Hollande beats Sarkozy in France as expected.
· The People’s Daily in China reported that ICBC told its branches to stop offering discounts on mortgages for first time home buyers
- EU Sentix Investor Confidence dropped to -24.5 in May vs -15.3 exp and -14.7 prev
- Swiss Unemployment was stable at 3.1% in Apr as expected
- Swiss CPI was stable at -1.0% in Apr vs -0.9% exp.
- Australia Real Retail Sales rose 1.8% QoQ in 1Q vs 0.4% exp and prev
- Tues: US NFIB Small Business Optimism, JOLTS Job Openings
- Wed: German Trade Balance, Japan Trade Balance, Australia Employment
- Thurs: China Trade Balance, Japan Eco watchers Survey, UK MPC, US Import Prices, Initial Jobless Claims, China CPI, Money Supply
- Fri: China IP, Retail Sales, UK PPI, CanadaUnemployment, US PPI, U Michigan Confidence